MANILA -- President Rodrigo Duterte on Monday said the third telecommunications player in the Philippines should be "reliable, inexpensive and secure."

The terms of reference in the selection should be "fair, reasonable and comprehensive," the President said in his third State of the Nation Address.

The National Telecommunications Commission is overseeing the search for the third player to challenge the dominance of Globe Telecom and PLDT Inc.

"It will be inclusive, so it will be opened to all interested private parties, both foreign and local," Duterte said of the selection process.

"The only condition is that the chosen entity must provide the best possible services at reasonably accessible prices," he added.

Interconnection rates between industries should be lowered to lessen costs both for consumers and the third player.

"A market environment that is more conducive to competition. This is a policy which is crucial to ensure that our solution to our telecommunication problems will be both meaningful and lasting," he said.